S&P 500 Futures Trading Outlook For October 16

Stock Market Trading Considerations For October 16, 2017

The grind higher continues to open the week, as the S&P 500 (INDEXSP:.INX) ticks up a few points in early morning trade. Key price pivot levels (support and resistance) for today are located below.

Check out today’s economic calendar with a full rundown of releases. And note that the charts below are from our premium service and shared exclusively with See It Market readers.

S&P 500 Futures (ES)

The e-mini’s have new higher support today near 2547 – with likely more grinding upside on the horizon, unless we lose 2542 and fail to quickly recapture it.  Traders continue to buy pullbacks in the current formation.  The bullets below represent the likely shift of trading momentum at the positive or failed retests at the levels noted.

• Buying pressure intraday will likely strengthen above a positive retest of 2556.5
• Selling pressure intraday will likely strengthen with a failed retest of 2547
• Resistance sits near 2556.5 to 2558.5, with 2560.5 and 2562.25 above that.
• Support holds between 2552 and 2547.5, with 2542.75 and 2539.75 below that.

NASDAQ Futures (NQ)

Bullish formations are still leading us as we made both higher lows and higher highs.  We tested a Fibonacci extension of 6115 and rejected this level earlier today.  Holding 6098 will be key for buyers to maintain today.  The bullets below represent the likely shift of intraday trading momentum at the positive or failed tests at the levels noted.

• Buying pressure intraday will likely strengthen with a positive retest of 6110.25
• Selling pressure intraday will likely strengthen with a failed retest of 6098.5
• Resistance sits near 6110.25 to 6115.25 with 6121.75.25 and 6127.75 above that.
• Support holds between 6098.75 and 6091.5, with 6084.25 and 6055.75 below that.

WTI Crude Oil

Oil traders continue to push prices upward into areas seen in late September – now near 52.20, a key target zone. Formations currently suggest that pullbacks will find still find higher support. The bullets below represent the likely shift of trading momentum at the positive or failed tests at the levels noted.

• Buying pressure intraday will likely strengthen with a positive retest of 52.18
• Selling pressure intraday will strengthen with a failed retest of 51.36
• Resistance sits near 52.18 to 52.43, with 52.84 and 53.38 above that.
• Support holds between 51.75 to 51.36, with 50.84 and 50.16 below that.

If you’re interested in the live trading room, it is now primarily stock market futures content, though we do track heavily traded stocks and their likely daily trajectories as well – we begin at 9am with a morning report and likely chart movements along with trade setups for the day.

As long as the trader keeps himself aware of support and resistance levels, risk can be very adequately managed to play in either direction as bottom picking remains a behavior pattern that is developing with value buyers and speculative traders.

Twitter:  @AnneMarieTrades

The author trades stock market futures every day and may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.